Measure I is a $400 million general facilities bond approved by voters to repair long-overdue city infrastructure, including the historic aquatic center. City Council approved a first project list allocating about $100 million, roughly 25% of the bond, with the largest shares directed to parks, libraries, and aquatics facilities. The bond will be sold in phases: the first $100 million in early 2026, a larger phase in 2028, and remaining funds after 2030. Funding comes from a levy of about $19 per $100,000 assessed value from 2025 to 2060, with homeowners paying roughly $128 annually and large commercial owners paying substantially more. Projects were prioritized by community impact and readiness.
"Measure I marked the first time since 1959 that the city had a general facilities bond on the ballot, despite unsuccessful attempts at a similar initiative in 2018 and 2022. City officials estimated last year that Santa Clara had more than $600 million in unfunded infrastructure needs. The $400 million bond will be funded by levying roughly $19 per $100,000 of assessed property value each year from 2025 to 2060."
"Homeowners are expected to pay about $128 annually, while the 20 largest commercial property owners in the city will pay roughly $154,000 on average. City officials said that the first bond sale of $100 million will occur in the first quarter of 2026. A second phase, which will be larger than the first, is expected to occur in 2028, and the remaining funds will be doled out after 2030."
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]